For the first time, PayPal is letting shoppers get cash from their accounts in a brick-and-mortar store. The payments company will start offering deposit and withdrawal services at Walmart stores.
The partnership will allow PayPal users to put cash into or take cash out of either their PayPal accounts or PayPal Cash Mastercard accounts at any Walmart customer service desk, ATM or cash register for a flat $3 fee. PayPal cash in is already available at all Walmart locations, and PayPal cash out will be available at all U.S. stores by early November.
The service has the potential to attract consumers with limited or no banking services; 27% of American consumers are unbanked or underbanked, according to the FDIC. With 90% of Americans living within 10 miles of a Walmart store, according to Daniel Eckert, Senior VP of Walmart Services and Digital Acceleration, these consumers would likely have easier access to funds with PayPal services in stores.
The move also represents a resurgence for PayPal’s brick-and-mortar ambitions, which had dissipated as other tap-to-pay solutions such as Apple Pay, Samsung Pay and Android Pay became more popular checkout options in recent years.